BP Oil Spill is a massive ongoing oil spill in the Gulf of Mexico near Louisiana. It is now considered the largest offshore spill in USA history and an environmental disaster.
The Deepwater Horizon rig’s “bop” blowout preventer did not automatically cut off the oil flow as intended after the explosion.
The exact spill flow rate is unknown because BP has not allowed independent scientists to perform accurate measurements. The BP oil slick covers a surface area of more than 2500 square miles from Louisiana to Florida.
BP’s stock price is down by 50% on the NYSE and a Market cap loss of $62 Billion USD.